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In September 2021, China’s international trade in goods and services recorded receipts of RMB 2097.2 billion and payments of RMB 1801.3 billion based on statistics of balance of payments (BOP), registering a surplus of RMB 295.9 billion. Specifically, trade in goods registered receipts of RMB 1890.0 billion, payments of RMB 1521.8 billion, recording a surplus of RMB 368.2 billion; trade in services recorded receipts of RMB 207.2 billion, payments of RMB 279.6 billion, resulting in a deficit of RMB 72.3 billion. In the US dollar terms, in September 2021, the receipts and payments of China's international trade in goods and services were USD 324.6 billion and USD 278.8 billion respectively, registering a surplus of USD 45.8 billion. Specifically, the receipts and payments from trade in goods were USD 292.6 billion and USD 235.6 billion respectively, resulting in a surplus of USD 57.0 billion. Trade in services registered receipts and payments of USD 32.1 billion and USD 43.3 billion respectively, recording a deficit of USD 11.2 billion.(End) International Trade in Goods and Services of China (Based on the BOP statistics) September2021 Item In 100 million of RMB In 100 million of USD Goods and services 2959 458 Credit 20972 3246 Debit -18013 -2788 1. Goods 3682 570 Credit 18900 2926 Debit -15218 -2356 2. Services -723 -112 Credit 2072 321 Debit -2796 -433 2.1Manufacturing services on physical inputs owned by others 79 12 Credit 84 13 Debit -4 -1 2.2Maintenance and repair services n.i.e 21 3 Credit 46 7 Debit -25 -4 2.3Transport -4 -1 Credit 857 133 Debit -861 -133 2.4Travel -626 -97 Credit 57 9 Debit -683 -106 2.5Construction 31 5 Credit 98 15 Debit -67 -10 2.6Insurance and pension services -103 -16 Credit 47 7 Debit -150 -23 2.7Financial services -81 -13 Credit 36 6 Debit -117 -18 2.8Charges for the use of intellectual property -270 -42 Credit 74 11 Debit -343 -53 2.9Telecommunications, computerand information services 64 10 Credit 293 45 Debit -229 -35 2.10Other business services 194 30 Credit 463 72 Debit -269 -42 2.11Personal, cultural, and recreational services -3 0 Credit 10 2 Debit -13 -2 2.12Government goods and services n.i.e -26 -4 Credit 8 1 Debit -33 -5 Notes: 1. The trade in goodsand services in this table refers to the transactions between residents andnon-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement. 1. Goods:refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects:first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownershipis not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2. Services:includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel,construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1 Manufacturingservices on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods isnot transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3 Transport:refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postaland delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 2.4 Travel:refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5 Construction services:refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation,assembly, painting, pipeline construction, demolition and project management,as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insuranceand pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-lifeinsurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Charges for the use of intellectual property:refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer and information services: refer tocommunications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films,radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.12Government goods and services n.i.e:refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2021-10-29/en/2021/1029/1882.html
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Distinguished Secretary Cai Qi, Mayor Jining, Respectable Guests, Hello everyone! The trend of the monetary policies adopted by the Federal Reserve and other central banks of developed economies is the focus of the current international financial market and a crucial factor influencing the changes in the global financial market. In comparison with the policy responses and market reactions after the 2008 international financial crisis, here I will talk about the exit of the easy monetary policies in major developed economies in response to the COVID-19 epidemic, and its possible impacts on international financial markets, the cross-border capital flows in emerging economies, as well as Chinese foreign exchange market. In the face of the “sudden stop” in the global economy and liquidity crisis caused by the COVID-19, the central banks of major developed economies have implemented ultra-easy monetary policies. The current round of quantitative easing of monetary policies in developed economies is characterized by four features, namely, faster response, larger scale, direct access to entities, and fiscal coordination, making a much faster and stronger response than during the 2008 international financial crisis. Driven by policy stimulus and vaccination, the global economy has achieved a rapid recovery. The global economy, especially the major developed economies, rebounded rapidly. In the second quarter of 2021, the US GDP has surpassed the level before the epidemic, and the Europe, UK, and Japan have also seen their GDP close to the pre-pandemic level. The flipside of the rapid global recovery is that the strong demand in developed economies continues to recover faster than supply, pushing up inflationary pressures. With rapid economic recovery and inflation remaining stubbornly high, the central banks of developed economies have been prompted to signal a turnaround in monetary policy. The Fed’s tapering could begin soon, and the financial markets have already had sufficient expectations. It is expected that the timing of the first interest rate hike has been advanced to the second half of 2022. Other central banks, such as, the European Central Bank and the Bank of England, also generally strengthened their austerity stance. The significant appreciation of the US dollar during the last monetary policy tightening cycle of Fed had had a big impact on emerging market economies. After the dollar index began its rapid appreciation in mid-2014, the currencies of emerging market economies depreciated sharply, and major emerging market economies also experienced significant capital outflows. From 2015 to early 2017, Chinese foreign exchange market also suffered a great impact. The depreciation of renminbi was accompanied by capital outflows and a decline in the value of foreign exchange reserves. In the current monetary policy tightening cycle of Fed, the gaps between the United States and non-US economies in terms of both economic growth and monetary policy are smaller than the ones in the previous tightening cycle, which is expected to limit the appreciation of the US dollar. In terms of disparity of economic growth, the US economic growth was significantly better than that of the Europe during the exit of the last round of quantitative easing, while at present the US and Europe are more synchronized in growth. In terms of monetary policy differences, the last round of Fed’s bond-buying reduction coincided with the start of easing by the European Central Bank, but the current round of monetary policies of the US and European Central Banks are generally in the same direction. Emerging markets are also less exposed to capital outflows than they were during the last round of Fed tightening. The current external account vulnerability of emerging markets has declined, the current account has generally improved significantly compared with the period of 2013-2015, and capital inflows have also been relatively limited in recent years. It is expected that the influence of the current round of the Federal Reserve policy shift on Chinese foreign exchange market is controllable. The cross-border capital is expected to continue to flow in both directions, and the renminbi exchange rate will remain basically stable at a reasonably balanced level. Firstly, Chinese economy is in a better cyclical position. During the last round of austerity, Chinese economy was in the midst of a combination of growth rate shift, structural adjustment and the digestion of previous policies, and faced considerable downward pressure. The industrial producer price index (PPI) remained negative for more than 50 months. At present, however, the national economy is recovering, the main macro indicators are in a reasonable range, and employment is basically stable. The solid domestic economic fundamentals will be the basic guarantee for Chinese foreign exchange market to cope with external shocks. Recently, Chinese real estate market and related financial market experienced a little volatility, which is the stress reaction of market entities after the occurrence of individual corporate default incidents. Under the guidance of the financial authorities, the excessive contraction of risk appetite in financial institutions and financial markets has gradually been corrected, and financing behavior and financial market prices are gradually returning to normal. Since the 19th National Congress of the Communist Party of China (CPC), we have implemented macro-regulation of the real estate market and established a long-term management mechanism in accordance with the guidelines and policies set by the CPC Central Committee. As a result, the trend of financialization and bubblization in the real estate market has been contained, land and housing prices and expectations in the real estate market have remained stable, and the real estate industry has developed healthily on the whole. In the next step, the financial sector will actively cooperate with the Ministry of Housing and Urban-Rural Development and local governments to firmly maintain the healthy development of the real estate market and safeguard the legitimate rights and interests of housing consumers. Secondly, the flexibility of the renminbi exchange rate has also been enhanced, enabling it to play a better role in self-regulation. During the last round of tightening, the renminbi exchange rate appreciated unilaterally in the early stage, and thus a certain amount of devaluation pressure accumulated in the foreign exchange market. In recent years, the formation mechanism of renminbi exchange rate has been continuously improved, and the two-way floating of the exchange rate has become stronger. Meanwhile, the People’s Bank of China (PBC) and the State Administration of Foreign Exchange (SAFE) have continuously improved their counter-cyclical macro-prudential management tools and accumulated more experience in risk response. Thirdly, China’s capital inflow structure has been optimized and outbound investment becomes more stable. Before the last round of austerity, China’s foreign capital inflows were mainly traditional financing foreign debts, which were sensitive to exchange rate fluctuations. During the period of 2015-2016, China experienced a concentrated deleveraging of foreign debts. In recent years, the inflow of China’s foreign debt is mainly renminbi bonds invested by long-term overseas investors, which is relatively stable. In addition, the current “going out” of Chinese enterprises is more rational, and the future outbound direct investment is expected to be relatively stable. In recent years, the PBC and the SAFE have gathered rich experience and sufficient policy tools in coping with external shocks, and they have also carried out forward-looking arrangements this year. In the future, we will adhere to the bottom-line thinking, follow developments in the international market closely, strengthen monitoring and risk warning of the foreign exchange market, and actively prevent against cross-border capital flow risks. At present, we have more foundation, conditions, capability and confidence to maintain the smooth operation of Chinese foreign exchange market. I wish this year’s Annual Conference of the Financial Street Forum a complete success. Thank you all! 2021-10-20/en/2021/1021/1885.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in September 2021, the amount of foreign exchange settlement and sales by banks was RMB 1473.4 billion and RMB 1337.9 billion, respectively, with a surplus of RMB 135.5 billion. During January to September 2021, the accumulative amount of foreign exchange settlement and sales by banks was RMB 12037.6 billion and RMB 10874.0 billion, respectively, with an accumulative surplus of RMB 1163.7 billion. In the US dollar terms, in September 2021, the amount of foreign exchange settlement and sales by banks was USD 227.2 billion and USD 206.3 billion, respectively, with a surplus of USD 20.9 billion. During January to September 2021, the accumulative amount of foreign exchange settlement and sales by banks was USD 1859.8 billion and USD 1679.8 billion, respectively, with an accumulative surplus of USD 180.0 billion. In September 2021, the amount of cross-border receipts and payments by non-banking sectors was RMB 3473.6 billion and RMB 3438.4 billion, respectively, with a surplus of RMB 35.3 billion. During January to September 2021, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 28490.5 billion and RMB 26971.1 billion, respectively, with an accumulative surplus of RMB 1519.4 billion. In the US dollar terms, in September 2021, the amount of cross-border receipts and payments by non-banking sectors was USD 537.7 billion and USD 532.2 billion, respectively, with a surplus of USD 5.5 billion. During January to September 2021, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 4403.4 billion and USD 4168.6 billion, respectively, with an accumulative surplus of USD 234.8 billion. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means foreign exchange holders sell foreign exchange to designated foreign exchange bank, and foreign exchange sales means designated bank sells foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between designated foreign exchange bank and client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2021-10-22/en/2021/1022/1880.html
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As shown in the statistics of the State Administration of Foreign Exchange (SAFE), in October 2021, the amount of foreign exchange settlement and sales by banks was RMB 1195.1 billion and RMB 1088.9 billion, respectively, with a surplus of RMB 106.2 billion. During January to October 2021, the accumulative amount of foreign exchange settlement and sales by banks was RMB 13232.7 billion and RMB 11962.9 billion, respectively, with an accumulative surplus of RMB 1269.9 billion. In the US dollar terms, in October 2021, the amount of foreign exchange settlement and sales by banks was USD 186.2 billion and USD 169.6 billion, respectively, with a surplus of USD 16.5 billion. During January to October 2021, the accumulative amount of foreign exchange settlement and sales by banks was USD 2046.0 billion and USD 1849.5 billion, respectively, with an accumulative surplus of USD 196.5 billion. In October 2021, the amount of cross-border receipts and payments by non-banking sectors was RMB 2918.3 billion and RMB 2694.9 billion, respectively, with a surplus of RMB 223.4 billion. During January to October 2021, the accumulative amount of cross-border receipts and payments by non-banking sectors was RMB 31408.8 billion and RMB 29666.0 billion, respectively, with an accumulative surplus of RMB 1742.8 billion. In the US dollar terms, in October 2021, the amount of cross-border receipts and payments by non-banking sectors was USD 454.6 billion and USD 419.8 billion, respectively, with a surplus of USD 34.8 billion. During January to October 2021, the accumulative amount of cross-border receipts and payments by non-banking sectors was USD 4858.0 billion and USD 4588.4 billion, respectively, with an accumulative surplus of USD 269.6 billion. Addendum: Glossary and relevant definitions Balance of payments (BOP) refers to all economic transactions between residents and non-residents. Foreign exchange settlement and sales by banks refers to settlement and sale transaction that bank executes for customers and for the banks themselves, including statistic data on settlements of forward contracts for foreign exchange settlement and sales and the exercises of option, and excluding the transactions in the interbank foreign exchange market. The statistic reporting date of Foreign exchange settlement and sales by banks should be the trade day of the Foreign exchange settlement and sales transaction. By definition, foreign exchange settlement means foreign exchange holders sell foreign exchange to designated foreign exchange bank, and foreign exchange sales means designated bank sells foreign exchange to foreign exchange buyers. The newly signed contract amount of forward foreign exchange settlement and sales refers to the binding forward contract between designated foreign exchange bank and client that predetermines foreign exchange currency, amount, exchange rate and tenor which to be executed upon maturity. The unwind amount of forward foreign exchange settlement and sales refers to, where client is unable to perform the original forward contract due to change in its real demand, client to fully or partially close its forward position by executing another deal with opposite direction to the original contract. The rolling amount of forward foreign exchange settlement and sales refers to client to adjust the settlement date of original contract due to change in its real demand. The outstanding amount of forward foreign exchange settlement and sales by the end of the current period refers to the total amount of forward contracts accumulated from all non-matured forward contracts with client. The net Delta exposure of outstanding options refers to the implied foreign exchange spot risk exposure from outstanding option contracts that bank executed with client. The cross-border receipts and payments by non-banking sectors refers to the receipts and payments between domestic non-banking sectors (including institutional and individual residents) and non-residents through domestic banks, excluding receipts and payments in cash. In particular, the statistics includes cross-border receipts and payments between non-banking sectors and non-residents through domestic banks (including RMB and foreign currency), and domestic receipts and payments between non-banking sectors and non-residents through domestic banks (temporarily excluding domestic receipts and payments in RMB between individual residents and non-resident individuals). Data are collected when customers conduct receipts and payments with non-resident counterparties at domestic banks. Specifically, the receipts refer to the capital of non-banking sectors received from non-residents via domestic banks; the payments refer to the capital of non-banking sectors paid to non-residents via domestic banks. 2021-11-19/en/2021/1119/1886.html
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The State Administration of Foreign Exchange (SAFE) has recently released data on foreign exchange sales and purchases through banks as well as foreign-related receipts and payments by banks on behalf of clients for August 2021. The SAFE Deputy Administrator and Press Spokesperson Wang Chunying answered media questions on China’s foreign exchange receipts and payments for August 2021. Q: Could you brief us on the changes in China’s foreign exchange receipts and payments for August 2021? A: China’s foreign exchange market remained stable in August. In terms of the main indicators, the foreign exchange sales and purchases through banks and non-banking sectors’ foreign-related receipts and payments both continued to post a small surplus of US$13.6 billion and US$22 billion respectively, which was mainly attributed to a relatively high level of import and export and a certain amount of surplus in goods trade. By the end of August, the volume of China’s foreign exchange reserves stood at US$3.2321 trillion, down by 0.12% from the last month, mainly affected by the weakening of non-US currencies against the US dollar and changes in asset prices. The willingness of market entities to sell and purchase foreign exchange was generally stable. In August, both the sales and purchases ratios were almost equal to the monthly average till now, indicating that the transactions and expectations of market entities were basically stable. The sales ratio, which measures clients’ willingness to sell their foreign exchange, or the ratio of foreign exchange sold by clients to banks to their foreign-related foreign exchange receipts, recorded 66%; the purchases ratio, which measures clients’ willingness to buy foreign exchange, or the ratio of foreign exchange bought by clients from banks to their foreign-related foreign exchange payments, reached 64%. Cross-border capital flows through major channels were in a rational and orderly manner. In August, trade in goods and direct investment remained the main items of net capital inflows, reflecting the supporting role of steady recovery of the domestic economy and a stable and orderly production and supply chain. Affected by the back-to-school season, the demand for overseas study led to an increase in service trade expenditure. Profit remittances, such as corporate dividends, fell from the seasonal peak. Cross-border capital flows under securities investment and other investments were basically balanced. At present, with continuous plaguing of the COVID-19 pandemic around the world and increasing inflationary pressure in some economies, the world economy sees more instability and uncertainty. However, China’s main macro indicators are within a reasonable range. The quality of economic operation is improving and its development foundation is more consolidated, which will continue to support the smooth operation of China’s foreign exchange market. 2021-09-17/en/2021/0917/1874.html
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Q: The State Administration of Foreign Exchange (SAFE) has just released the latest data regarding China’s foreign exchange reserves. Can you explain the causes for the changes in foreign exchange reserves of September 2021? Also, what will be the future trends? A: By the end of September 2021, China’s foreign exchange reserves stood at US$3.2006 trillion, an amount down by US$31.5 billion, or 0.97%, from the end of August. In September 2021, China’s foreign exchange market operated smoothly, and foreign exchange transactions were rational and orderly. Influenced by factors like the progress of COVID-19 and the monetary policy expectations of major countries, the US dollar index increased, whereas the financial asset prices of major countries declined. China’s foreign exchange reserves, priced by the US dollar, fell this month due to the combined impacts of currency conversion and changes in asset prices. Due to the constant evolution of the COVID-19 pandemic, the global economic recovery is facing challenges and uncertainties in international financial markets are increasing. However, the fundamentals of China’s long-term sound economic growth have remained unchanged and development resilience is increasingly conspicuous, which is conducive to maintaining the overall stability of foreign exchange reserves. 2021-10-07/en/2021/1007/1875.html
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According to the statistics of the State Administration of Foreign Exchange (SAFE), the Chinese foreign exchange market (excluding foreign currency pairs, the same below) recorded total transactions of RMB 19.86 trillion (equivalent to USD 3.07 trillion) in September 2021. In terms of markets, the transactions volume of client market was RMB 3.09 trillion(equivalent to USD 0.48 trillion), and the transactions volume of interbank market was RMB 16.77 trillion(equivalent to USD 2.6 trillion). In terms of products, the cumulative transactions volume of the spot market was RMB 7.78 trillion (equivalent to USD 1.2 trillion), and that of the derivatives market was RMB 12.09 trillion (equivalent to USD 1.87 trillion). From January to September 2021, a total of RMB 174.18 trillion (equivalent to USD 26.92 trillion) was traded in the Chinese foreign exchange market. 2021-10-29/en/2021/1029/1883.html
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In May 2022, the export and import of China’s international trade in goods and services totalled RMB 3757.0 billion, up 14 percent over the same time last year. Of this, the export of goods recorded RMB 1866.2 billion and the import recorded RMB 1464.0 billion, resulting in a surplus of RMB 402.2 billion. The export of services recorded RMB 188.0 billion and the import recorded RMB 238.8 billion, resulting in a deficit of RMB 50.8 billion. In terms of the major items, the export and import of transport, other business services, travel and telecommunications, computer and information services registered RMB 178.2 billion, RMB 72.0 billion, RMB 58.5 billion and RMB 52.9 billion respectively. In the US dollar terms, in May 2022, the export and import of China’s international trade in goods and services were USD 306.3 billion and USD 253.9 billion respectively, with a surplus of USD 52.4 billion.(End) International Trade in Goods and Services of China May 2022 Item In 100 million of RMB In 100 million of USD Goods and services 3514 524 Credit 20542 3063 Debit -17028 -2539 1. Goods 4022 600 Credit 18662 2782 Debit -14640 -2183 2. Services -508 -76 Credit 1880 280 Debit -2388 -356 2.1Manufacturing services on physical inputs owned by others 69 10 Credit 73 11 Debit -4 -1 2.2Maintenance and repair services n.i.e 24 4 Credit 41 6 Debit -17 -3 2.3Transport -119 -18 Credit 831 124 Debit -950 -142 2.4Travel -492 -73 Credit 47 7 Debit -539 -80 2.5Construction 24 4 Credit 47 7 Debit -23 -3 2.6Insurance and pension services -82 -12 Credit 9 1 Debit -91 -14 2.7Financial services -6 -1 Credit 19 3 Debit -25 -4 2.8Charges for the use of intellectual property -194 -29 Credit 31 5 Debit -225 -34 2.9Telecommunications, computer and information services 93 14 Credit 311 46 Debit -218 -33 2.10Other business services 192 29 Credit 456 68 Debit -264 -39 2.11Personal, cultural, and recreational services -5 -1 Credit 7 1 Debit -12 -2 2.12Government goods and services n.i.e -11 -2 Credit 8 1 Debit -19 -3 Notes: 1. The trade in goods and services in this table refers to the transactions between residents and non-residents, based on the same standard as that for BOP statement. The monthly data are preliminary and may be inconsistent with the quarterly data in the BOP statement. 2. The data on international trade in goods and services are prepared in USD, and the RMB data for the current month is derived by converting the USD data at the monthly average central parity rate of the RMB against the USD. 3. This table employs rounded-off numbers. Definition of Indicators: Goods and Services: refers to the trade in goods and services between residents and non-residents, which is based on the same standard as that for the BOP statement. 1. Goods: refers to transactions in goods whereby the economic ownership is transferred between the Chinese residents and non-residents. The credit side records export of goods, while the debit side records import of goods. The data of goods account are mainly from the customs statistics of imports and exports, but differ from the statistics of the customs mainly in the following aspects: first, the goods in the BOP statement only reflect the goods whose ownership has been transferred (e.g. goods under the trade modes such as general trade and processing trade with imported materials), while the goods whose ownership is not transferred (e.g. manufacturing services with supplied materials or with exported materials) are included in the statistics of trade in services instead of the statistics of trade in goods; second, as required by the BOP statistics, the goods imported and exported are valued on the FOB basis, but as required by the customs, the goods exported are valued on the FOB basis, whereas goods imported are on the CIF basis. Therefore, for the purpose of the BOP statistics, the international transport and insurance premiums are taken out from the value of imported goods and included in the trade in services; and third, the data on net export of goods in merchanting which are not included in the customs statistics are supplemented. 2. Services: includes manufacturing services on physical inputs owned by others, maintenance and repair services n.i.e, transport, travel, construction, insurance and pension services, financial services, charges for the use of intellectual property, telecommunications, computer and information services, other business services, personal, cultural and recreational services, and government goods and services n.i.e. The credit side records services supplied, while the debit side records services received. 2.1 Manufacturing services on physical owned by others: processor only provides processing, assembly, packaging and other services and charges service fee from the owner, while the ownership of the goods is not transferred between the owner and the processor. The credit side records the manufacturing services supplied by the Chinese residents on physical inputs owned by non-residents, and vice versa for debit side. 2.2 Maintenance and repair services: refer to the maintenance and repair services supplied by residents to non-residents or vice versa on goods and equipment (such as vessel, aircraft, and other transportation facility) owned by the receiving party. The credit side records the maintenance and repair services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.3 Transport: refers to the process of transporting people and goods from one place to another, and the relevant supporting and auxiliary services, as well as postal and delivery services. The credit side records the international transport, postal and delivery services supplied by residents to non-residents, and vice versa for debit side. 2.4 Travel: refers to goods consumed and services purchased by travelers in various economies as non-residents. The credit side records the goods and services provided by the Chinese residents to non-residents who have stayed in China for less than one year, as well as non-residents studying abroad and seeking medical treatment for indefinite period of stay. The debit side records the goods and services purchased by the Chinese residents when traveling, studying or seeking medical services abroad from non-residents. 2.5 Construction services: refer to the establishment, renovation, maintenance or expansion of fixed assets in the form of buildings, land improvement, roads, bridges and dams and other engineering buildings of engineering nature, relevant installation, assembly, painting, pipeline construction, demolition and project management,as well as site preparation, measurement and blasting and other special services. The credit side records the construction services provided by the Chinese residents outside the economic territory. The debit side records the construction services received by the Chinese residents in the Chinese economic territory from non-residents. 2.6 Insurance and pension services: refers to various insurance services and commission to agents related with insurance transaction. The credit side records the life insurance and annuity, non-lifeinsurance, reinsurance, standardized guarantee services and relevant supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.7 Financial services: refer to financial intermediation and supporting services, excluding those covered by insurance and pension services. The credit side records the financial intermediation and supporting services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.8 Charges for the use of intellectual property: refer to licensed use of intangible, non-productive/non-financial assets and exclusive rights between residents and non-residents and the licensed use of existing original works or prototypes. The credit side records the intellectual property-related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.9 Telecommunications, computer and information services: refer tocommunications services between residents and non-residents and transactions of services related to computer data and news, excluding commercial services delivered via telephone, computer and Internet. The credit side records the telecommunications, computer and information services supplied by residents to non-residents, and vice versa for debit side. 2.10 Other business services: refer to other types of services between residents and non-residents, including research and development services, professional and management consulting services, technical and trade-related services. The credit side records the other business services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.11 Personal, cultural and recreational services: refer to transactions of personal, cultural and recreational services between residents and non-residents, including audiovisual and related services (films, radio, television programs and music recordings) and other personal, cultural and recreational services (health, education, etc.). The credit side records the related services supplied by the Chinese residents to non-residents, and vice versa for debit side. 2.12 Government goods and services n.i.e: refer to various goods and services provided and purchased by governments and international organizations not included in other categories of goods and services. The credit side records the goods and services not included elsewhere and supplied by the Chinese residents to non-residents, and vice versa for debit side. 2022-06-30/en/2022/0630/1971.html
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As at the end of March2022, China recorded RMB 17.2049 trillion inoutstanding external debt denominated in both domestic and foreign currencies(equivalent to USD 2710.2 billion, excluding those of Hong Kong SAR, Macao SAR, and Taiwan Province of China, the same below). In terms of maturity structure, the outstanding medium-andlong-term external debt was RMB 8134 billion (equivalent to USD1281.3billion), accounting for 47percent; while the outstanding short-term external debt was RMB 9070.9 billion (equivalent to USD 1428.9 billion), taking up 53 percent,of which 38 percent was trade-related credit. In terms of institutional sectors, the outstanding debt of generalgovernment totaled RMB 3141 billion (equivalent to USD 494.8 billion), accounting for 18 percent;the outstanding debt of the central bank totaled RMB517 billion(equivalent to USD 81.4billion), accounting for 3 percent;the outstanding debt of banks totaled RMB 7354.9 billion (equivalent to USD 1158.6 billion), accounting for 43 percent;the outstanding debt of other sectors (includinginter-company lending under direct investments) totaled RMB 6192 billion (equivalent to USD 975.4 billion), accounting for 36 percent. In terms of debt instruments, the balance of loans was RMB 2779.8 billion (equivalentto USD 437.8 billion), accounting for 16 percent;the outstanding trade credit and prepayment was RMB 2446.6 billion (equivalent to USD 385.4 billion), accounting for 14 percent;the outstanding currency and deposits was RMB 3700.9 billion (equivalent to USD 582.9 billion), accounting for 21 percent;the outstanding debt securities was RMB 5473.3 billion (equivalent to USD 862.2 billion), accounting for32 percent;the Special Drawing Rights (SDR) allocation amounted to RMB 317.7 billion (equivalent to USD 50.1billion), accounting for 2 percent; the balanceof inter-company lending under direct investments totaled RMB 1994.5 billion (equivalent to USD 314.2 billion),accounting for 12 percent;and the balance of other debt liabilities was RMB 492.1 billion (equivalent to USD 77.6 billion), accounting for 3 percent. With respect to currency structures, the outstanding external debt in domesticcurrency totaled RMB 7678.8billion (equivalent to USD 1209.6billion), accounting for 45 percent;the outstanding external debt in foreigncurrencies (including SDR allocation) totaled RMB 9526.1 billion (equivalent to USD 1500.6billion), accounting for 55 percent. In the outstandingregistered external debt in foreign currencies, the USD debt accounted for 86 percent, the Euro debtaccounted for 7 percent, theHKD debt accountedfor 3 percent, the JPY debt accounted for 1 percent, the SDR andother foreign currency-denominatedexternal debt accounted for 3 percent. Since all major external debt indicatorswerewithin the internationallyrecognized thresholds, China’sexternaldebt risk is undercontrol. Appendix Definitionof terms and interpretations External debt classificationby maturity structure. Thereare two methods to classify the external debt by maturitystructure. Oneis on the basis of the contractual maturity, i.e. it is classified asmedium- and long-term external debt if the contractualmaturity is overone year, and classified as short-term external debt if the contractualmaturity isone year or less;the other is on the basis of the remaining maturity, i.e., on the basis of thecontractual maturity classification method above, the medium- and long-termexternal debt due within one year is classified as short-term external debt. Inthis news release, external debt is divided into medium- and long-term externaldebt and short-term external debt based on the contractual maturity. Trade-relatedcredit isa broad concept. In addition to trade credit and advances, it also involves otherkinds of credit provided for trade activities. According to its definition,trade-related credit includes trade credit and advances, bank trade financing, traderelated bills, and so forth. In particular, trade credit and advances refer to external liability arising fromdirectly extending credit between the seller and buyer of goods transactions,specifically transactions between residents in the Chinese Mainland andoverseas non-residents (including non-residents in Hong Kong SAR, Macao SAR,and Taiwan Province of China), i.e., the debt incurred due to the differencebetween the time of payment and the time of the goods ownership transfer, whichincludecredit directly provided by the supplier (e.g., the overseas exporter)for goods and services, and prepayments made by buyers (e.g., overseasimporters) for goods, services, and work that is in progress (or work to beundertaken). Bank trade financingrefers to trade related loans that offered by a third party (e.g., banks) toexporters or importers, for instance, loans extended by foreign financialinstitutions or export credit agencies to buyers. Annexed table：China’s Gross External Debt Position by Sector, End of March 2022 End of March 2022 End of March 2022 （Unit:100 million RMB） （Unit:100 million US dollars） General Government 31410 4948 Short-term 1275 201 Currency and deposits 0 0 Debt securities 1275 201 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 30135 4747 Special drawing rights (allocations) 0 0 Currency and deposits 0 0 Debt securities 26528 4179 Loans 3607 568 Trade credit and advances 0 0 Other debt liabilities 0 0 Central Bank 5170 814 Short-term 1682 265 Currency and deposits 879 138 Debt securities 803 127 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 0 0 Long-term 3488 549 Special drawing rights (allocations) 3177 501 Currency and deposits 0 0 Debt securities 0 0 Loans 0 0 Trade credit and advances 0 0 Other debt liabilities 311 48 Other Depository Corporations 73549 11586 Short-term 54044 8513 Currency and deposits 36117 5689 Debt securities 3571 562 Loans 13853 2182 Trade credit and advances 0 0 Other debt liabilities 503 80 Long-term 19505 3073 Currency and deposits 0 0 Debt securities 15858 2498 Loans 3538 557 Trade credit and advances 0 0 Other debt liabilities 109 18 Other Sectors 41975 6612 Short-term 28575 4501 Currency and deposits 13 2 Debt securities 144 23 Loans 2946 464 Trade credit and advances 24038 3786 Other debt liabilities 1434 226 Long-term 13400 2111 Currency and deposits 0 0 Debt securities 6553 1032 Loans 3855 607 Trade credit and advances 428 68 Other debt liabilities 2564 404 Direct Investment: Intercompany Lending 19945 3142 Debt liabilities of direct investment enterprises to direct investors 11838 1865 Debt liabilities of direct investors to direct investment enterprises 1148 181 Debt liabilities to fellow enterprises 6959 1096 Gross External Debt Position 172049 27102 Notes: 1. The short-term and long-term herein are broken down by contractual (original) maturity. 2. The data in this table have been rounded off. 2022-06-24/en/2022/0624/1969.html
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The State Administration of Foreign Exchange (SAFE) has recently released the Balance of Payments (BOP) for the first quarter of 2022 as well as the International Investment Position (IIP) at the end of March 2022. The SAFE deputy administrator and press spokesperson Wang Chunying answered relevant media questions. Q: Could you brief us on China’s balance of payments for the first quarter of 2022? A: In the first quarter of 2022, China’s balance of payments maintained general equilibrium. The current account surplus hit the highest record for the same period in history and stood at USD 88.9 billion, with its ratio to Gross Domestic Product (GDP) reaching 2.1%, which maintained within a reasonable and balanced range. First, trade in goods maintained steady growth. In the first quarter of 2022, China’s economy continued to recover and got off to a steady start, and as a result trade in goods in terms of BOP recorded a surplus USD 145 billion, up by 18% year on year. To be specific, the export registered USD 803.1 billion, up by 16% year on year; imports reached USD 658.2 billion, up by 15% year on year. The trade surplus in goods and the scale of exports and imports all hit the highest levels in history for the same period. Second, trade deficit in services continued to narrow. In the first quarter, the trade deficit in services registered USD 16.7 billion, down by 35% year on year. Among the main items, the travel deficit rose by 53% to USD 29.4 billion, mainly due to the increase in travel expenditure. The deficit in intellectual property royalties reached USD 7.7 billion, up by 11%. The revenue and expenditure of this item increased by 15% and 12% respectively, and it reflected that China has deepened the international cooperation in the field of intellectual property. The transport recorded a surplus of USD 2.9 billion, compared with a deficit of USD 9 billion a year earlier, mainly because overall transport revenue grew faster than spending. Third, outward investment and foreign investment in China were both robust. In the first quarter, China’s financial account assets increased by USD 129.1 billion, among which reserve assets had a net increase of USD 39.3 billion due to transactions, and non-reserve financial account assets registered a net increase of USD 89.8 billion. Financial account liabilities grew by USD 40.2 billion net. Specifically, China’s outbound direct investment and China’s foreign direct investment have both maintained year-on-year growth, indicating that foreign investors had a strong willingness to invest in China, and at the meantime, China’s foreign direct investment operated in a reasonable and orderly manner. In general, China effectively coordinated epidemic prevention and control as well as economic and social development, and its fundamentals of long-term sound economic growth remain unchanged, which is conducive to maintaining a basic balance in international payments. Q: What would you say about China’s international investment position at the end of March 2022? A: At the end of March 2022, China’s international investment position remained stable, so did the external financial assets and liabilities. First, China’s external financial assets and external liabilities remained at a relatively high level. By the end of March 2022, China posted external assets of USD 9.2383 trillion and external liabilities of USD 7.2943 trillion, down by 0.9% and 0.6% from the end of 2021 respectively, but remained basically stable. Relevant changes were mainly affected by non-transaction factors such as price fluctuations of global financial assets and book value changes of non-US currencies converted into US dollars. Second, the overall structure of China’s external financial assets and external liabilities remained stable. In the catalogue of China’s external financial assets, China’s reserve assets exceeded USD 3 trillion, ranking first in the world. The proportion of outward direct investment remained stable. With respect to China’s external liabilities, the foreign direct investment in China accounted for the largest proportion and kept growing in scale, indicating that foreign investors remained confident in long-term investment in China. 2022-06-24/en/2022/0624/1973.html